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Small businesses ‘suffering’ despite improving economic growth outlook

MML
Article image for Small businesses ‘suffering’ despite improving economic growth outlook

Australia’s economic growth prospects are looking up but many small businesses are “suffering”, with no end in sight.

The Organisation for Economic Cooperation and Development (OECD) has upgraded Australia’s growth prospects, predicting the national economy will grow by 4.5 per cent.

Business confidence is also high with NAB survey finding confidence is at its highest level since 2010.

But Victorian head of the Australian Industry Group, Tim Piper, says the outlook remains grim for some businesses.

“We’re finding the smaller sector is probably the one that’s suffering more at the moment … Your local, average coffee shop, some of the smaller businesses in strip shopping,” he told Neil Mitchell.

“The aviation sector is obviously doing it tough, the tourism guys, events, the arts, they’re all doing it tough.”

Mr Piper says many smaller businesses may find themselves in trouble when JobKeeper support ends at the end of March.

“Eight per cent of all wages being paid in Victoria are being paid by JobKeeper at the moment,” he said.

But it’s not all bad news.

“You’ve got some companies that are actually reshoring, so they’re bringing manufacturing back into the country,” Mr Piper said.

“We are now purchasing Australian more than we were.”

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